Slides
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July 31, 2025 Q2 2025 Earnings Conference Call
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2 Safe Harbor Statement This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our business strategy, our prospects and our financial position. These statements can be identified by the use of forward-looking terminology such as “believes, ” “estimates, ” “expects, ” “intends, ” “may,” “will, ” “should, ” “could” or “anticipates” or the negative or other variation of these similar words, or by discussions of strategy or risks and uncertainties. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. Important risks, uncertainties, and other factors that could cause actual results to differ materially from such forward-looking statements can be found in the Company’s SEC filings, which are available online at www.sec.gov, www.shentel.com or on request from the Company. The Company does not undertake any obligation to update any forward- looking statements as a result of new information or future events or developments.
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3 Chris French President and CEO
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4 Second Quarter 2025 Highlights • Solid growth in Glo Fiber Expansion Markets o 5,700 new Glo Fiber subscribers o >16,000 new Glo Fiber passings o 40.5% growth in Glo Fiber revenue • Another record quarter for Commercial Fiber sales bookings • Glo Fiber and Commercial Fiber revenue expected to exceed Incumbent Broadband Markets revenue in 2026 4
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5 Jim Volk SVP of Finance and CFO 5
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6 Consolidated Highlights - Continuing Operations Adjusted EBITDA (in millions)Revenue (in millions) 3.2% 21.9% 27.1% 32.1% margin margin 6
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7 2025 Financial Outlook Year Ending December 31, 2025 Year Ended December 31, 2024 % Change 2024 to 2025 Midpoint Guidance Range (dollars in millions) Low High Total Revenue $352 $357 $328 8.1% Adjusted EBITDA1 $113 $118 $95 21.6% Capital Expenditures, net of government grant reimbursements $260 $290 $300 (8.3)% 1 Further clarification and explanation of this non-GAAP measure can be found in the “Non-GAAP Financial Measures” slides in the appendix. The 2025 financial guidance presented above does not reflect any assumptions regarding the potential impacts of the evolving tariff environment. The Company does not provide a reconciliation for Adjusted EBITDA forecasts (which represents a forecast of a non- GAAP financial measure) because it cannot predict the special items that could arise without unreasonable effort. 7
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8 Debt Maturity (in millions) Liquidity & Debt Maturity Liquidity (in millions) $356.5 8
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9 Ed McKay EVP and COO 9
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10 Integrated Fiber and Cable Broadband Network 10
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11 Glo Fiber Expansion Markets Metrics Broadband Data Churn Broadband Data Average Revenue per User (ARPU)Revenue Generating Units (RGU) Broadband Data Penetration 11
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12 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2025 2024 2023 2022 2021 2020 2019 Vintage Glo Fiber Penetration Passings released to sales (000's) Quarter launched 1 Homes passed and penetration rates as of 6/30/2025, excluding those acquired 17 Expected Average Terminal Penetration: 37% 16 18 19 18 14 14 12 6 6 9 8 4 2212025 31222217 27 Vintage Glo Fiber Penetration1 16 12
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13 Incumbent Broadband Markets Metrics1 Broadband Data Churn Broadband Data Average Revenue per User (ARPU)Revenue Generating Units (RGU) Broadband Data Penetration 1. Consists of Shentel Incumbent Cable Markets and Incumbent Telephone Markets with FTTH passings
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14 Commercial Fiber Metrics Monthly Compression and Disconnect Churn2 Installed MRR & MAR1MRR & MAR Sales Bookings1 MRR/MAR1 Backlog 1. MRR = Monthly Recurring Revenue; MAR = Monthly Amortized Revenue 2. Q2'24 excludes impact of T-Mobile network rationalization.
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15 Capital Expenditures ($ in millions) Capex Spending1 $160 - $175 $60 - $70 $260 - $290 1Net of government grant reimbursements Note: 2025 Guidance not shown to scale. $40 - $45
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16 Q&A
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17 Appendix
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18 Use of Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures that are not determined in accordance with U.S. generally accepted accounting principles. These financial performance measures are not indicative of cash provided or used by operating activities and exclude the effects of certain operating, capital and financing costs and may differ from comparable information provided by other companies, and they should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with U.S. generally accepted accounting principles. Management believes these measures facilitate comparisons of our operating performance from period to period and comparisons of our operating performance to that of our peers and other companies by excluding certain differences. Shentel utilizes these financial performance measures to facilitate internal comparisons of our historical operating performance, which are used by management for business planning purposes, and also facilitates comparisons of our performance relative to that of our competitors. In addition, we believe these measures are widely used by investors and financial analysts as measures of our financial performance over time, and to compare our financial performance with that of other companies in our industry.
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19 Adjusted EBITDA - Quarterly Results Three Months Ended June 30, (in thousands) 2025 2024 Loss from continuing operations $ (9,048) $ (12,773) Depreciation and amortization 35,103 25,579 Interest expense 6,003 3,996 Other income, net (3,015) (1,908) Income tax benefit (3,048) (5,200) Stock-based compensation 2,187 2,270 Transaction and other expenses 206 11,325 Adjusted EBITDA $ 28,388 $ 23,289 Adjusted EBITDA margin 32 % 27 %
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20 Broadband - Average Revenue per User (ARPU) For the second quarter ended, 2024 2025 Residential & SMB Revenue (000's) Broadband $ 39,816 $ 44,770 Incumbent Broadband Markets $ 27,976 $ 27,850 Glo Fiber Expansion Markets $ 11,840 $ 16,920 Video $ 14,893 $ 14,296 Voice $ 2,611 $ 2,557 Discounts, Adjustments, and Other $ 1,016 $ 1,010 Average Revenue Generating Units Broadband 162,577 185,293 Incumbent Broadband Markets 111,689 111,779 Glo Fiber Expansion Markets 50,888 73,514 Video 42,443 38,076 Voice 24,717 26,082 Average Revenue per User (ARPU)* Broadband $ 81.64 $ 80.56 Incumbent Broadband Markets $ 83.49 $ 83.05 Glo Fiber Expansion Markets $ 77.56 $ 76.72 Video $ 116.96 $ 125.15 Voice $ 35.21 $ 32.68 *Average Revenue Per User calculation = (Residential & SMB Revenue * 1,000) / average revenue generating units / 3 months